The study of mental or cognitive function has always been a subjective pursuit, unlike other medical sciences which rely on irrefutable facts. This is a problem for those who are studying mental or cognitive illnesses. Until now. Mind strong Health, a startup which focusses on mental health issues, is proceeding with an innovative technology which tracks cognitive function of patients based on the way they use their smart phones. The company has raised $14 million in the process. The technology takes into account various parameters such as the way the person using the smartphone types and scrolls on the device. In short, this technology will allow researchers to study mental illnesses objectively.
Needless to say, this is huge news for the mental health world. For those who are skeptical about this method, Mindstrong Health has said that they will release data regarding their research they have done so far. Mental health issues is a worldwide phenomenon. Smartphones are available everywhere. That means the potential to do research and diagnosis is virtually unlimited. The Fund raising was led by Foresite Capital, ARCH Venture Partners, Berggruen Holdings, Optum Ventures, and One Mind Brain Health Impact Fund. Mindstrong is based in Palo Alto, California.
Jim Tananbaum is the founder and CEO of Foresite Capital and has been in the health care investment world for nearly 25 years. His company has $1.1 billion in assets under his management. Even before he started Forsite Capital he co-founded two healthcare investment and two biopharmaceutical companies. While finishing medical school at Harvard, he started a pharmaceutical company called GelTex, which developed two drugs that went on to do over $1 billion dollars’ worth of business. GelTEx was later sold for $ 1.6 billion. Check out Crunchbase for more details.
Other major Investments Jim Tananbaum has been involved in include Amira Pharmaceuticals, Healtheon, Amerigroup, and Jazz Pharmaceuticals. Along with his medical degree from Harvard Jim holds a B.S and B.S.E.E degree from Yale, M.S degree from MIT and an M.B.A from Harvard Business School. Forbes has named Mr. Jim Tananbaum among 100 best venture investors for three years in a row now.